The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1887-12-16
EXECUTIVE powBn Or KELIEt

Heretofore the redemption of the per
cents. only, which were payable at the op-
ton of the government, has afforded a
means for the disbursement of the excess of
our revenues; but these bonds have all been
retired, and there are no bonds cutstand-
ing the payment of which we have the right
to insist upon.
Tho contribution to the sinking fund,
which furnishes the occasion for expendi-
lures in the purchase Of bonds, has been al
ready made fdr the current year, So there is
no outlet In that direction. In the present
state of legislation the pretense of any ey-
ecutive power to restore, at this time, any
part of the over surplus revenues to the
people by its expenditures, consists in the
supposition that the secretary of the treas
Gry may enter the market and purchase
the bonds of the government not yet due,
| ut rate. of premium to be agreed upon.
The only provision of law from which such
power could be derived is found i'll an
| appropriation bill passed a number of years
ago, and it is subject to the supposition that
| il was intended rs temporary and limited in
| its application, instead of comforting q
| CONTINUING DISCRETION AND AUTHORITY.
! No condition ought to exist which would
| justify the grant of power to single OIL
| cial, upon his judgment of its necessity, to
| withhold from or release to the business of
| the people, in an unusual manner, money
| held in the treasury, and thus affect, at his
will, the financial situation of the country;
and if it is deemed wise to lodge in the sec
| rctary of the treasury the authority, in the
| present juncture, to purchase bonds, he
| should be plainly vested and provided, as
far as possible, with such checks and lim-
| tations MS will define his official right and
discretion, and at the same time relieve him
| from undue responsibility.
In considering the question of purchasing
| bonds as means of restoring to circulation
the surplus money accumulation in tho
treasury, it should be borne in mind that
| premiums must of course be paid upon such
| purchase; that there may be a large part of
| these bonds held as investments which cannot
| be purchased at any price, and that combi-
| nations among holders who are willing to
! sell may unreasonably enhance the cost of
| such bonds to the government.
1t has been suggested that the present
bonded debt might be refunded at less rate
of interest, and tie difference between the
old and new securities paid in cash, thus
finding use for the surplus in the treasury.
The success of this plan, it is apparent, must
be founded on the volition of the holders of
the present bonds, and it is entirely certain
that the induceInent which must be offered
them would result in more financial benefit
to tho government than the purchase OF
bonds. While tho latter proposition would
reduce tho principal of the debt
BIZ ACTUAL PAYMENT,
instead of extending the proposition TO de-
posit money held by the government in
banks throughout the country for use
exceedingly Objectionable principle, as reach
ing too close relationship between the oper-
ations of the government and the business
| of the country, and too extensive coming
line of their money, thus fostering an un-
natural reliance Of private business upoI